Most Shanghai Futures Exchange (SHFE) and London Metal Exchange (LME) base metals closed with gains on 6 July, 2022.
However, a big concern at present is, as the minutes of the policy meeting released by the US Federal Reserve (US Fed) show, in the face of the deteriorating inflationary situation and fears that the public will lose confidence in the Fed, officials unanimously supported raising the interest rate by 75 basis points in July.
Base metal market performance on last trade:
LME copper jumped 0.38%, aluminium grew 1.31%, lead gained 2.97%, and zinc rose 0.86%.
MCX copper was down 0.92%, aluminium remained largely stable, and nickel dropped 0.34% yesterday.
SHFE copper jumped 0.43%, aluminium grew 0.71%, lead gained 1.04%, and zinc rose 1.75%.
Stocks
The stocks of all base metals on a d-o-d basis have fallen marginally. However, aluminium stocks fell 4,400 tonnes d-o-d yesterday.
Oil up on supply concerns: Oil was up on Thursday morning in Asia on supply concerns. Brent oil rose 0.51% to $100.20 and crude oil WTI futures jumped 0.56% to $98.11 at the time of reporting. However, both benchmarks closed on Wednesday at their lowest since April 11, as per reports. The declines follow a dramatic fall on Tuesday despite tight global supplies.
Currency exchange
The Indian currency ended trading at 79.36 against the dollar on Tuesday after hitting a low of 79.3750. Meanwhile, the dollar index touched a 52-week high of 106.24 yesterday.
The Indian currency has weakened nearly 6% this year, putting it on the threshold of 80 per dollar for the first time, as investors seek the safety of dollars amid fears of a potential global recession.
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